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Exercise 2 - 5 ( Algo ) Identifying type and normal balances of accounts LO C 2 For each of the following ( 1 )
Exercise Algo Identifying type and normal balances of accounts LO C
For each of the following
identify the account as an asset, liability, equity, revenue, or expense;
identify the normal balance of the account; and
select debit or credit to identify the kind of entry that would increase the account balance.
tableAccountType of Account.,Normal Balance,Increase Debit or Credita Wages Payable,,,,b Notes Receivable,,,,c Land,,,,d Cash,,,,e Legal Expense,,,,f Prepaid Insurance,,,,g Accounts Receivable,,,,h Notes Payable,,,,i Tour Service Revenue,,,,j Unearned Revenue,,,,k Services Revenue,,,, Equipment,,,,
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